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State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov
A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D.
Economic Report TM
Volume 2, Issue 10 • October 31, 2012
Oklahoma
News and analysis of Oklahoma’s economy
Inside
SEE RAIDERS PAGE 5
• Treasurer’s commentary: Stop
the madness
• Miller slashes own budget
• First quarter General Revenue
allocations top estimate
• Thanks to strong income tax
receipts, September collections
resume rise
• State unemployment rises for
third consecutive month, but . . .
• Economic Indicators
Contributor
Regina Birchum, Deputy Treasurer
for Policy
Editor
Tim Allen, Deputy Treasurer for
Communications
Private property has become an
important source of revenue for many
states, perhaps too important. Unclaimed
property laws, which exist in every state,
are considered among the first consumer
protection programs in the nation. They
were established to protect abandoned or
forgotten funds or property on behalf of
the consumer instead of letting the funds
revert back to the business or company.
The most common types of unclaimed
property are accounts with financial
institutions or companies that have no
activity or contact with an owner for one
or more years. The state is considered a
safe-keeper of the value of the property,
and there is no expiration date for the
funds to be claimed by the owner or
heirs. However,
states receive far
more property
or funds than
what is returned
to owners, a
fact that has not
gone unnoticed
by cash-poor
states.
A majority of states direct proceeds
from receipt of unclaimed property
to the state’s general fund, less a
predetermined amount set aside to pay
claims. The amount, which is typically
based on the state’s experience in paying
actual claims, usually
represents a fraction of
what is actually held
by the state on behalf
of owners. Some of
these states require
additional funds to be
appropriated in the
event the amount set
aside is insufficient to
pay claims.
Several of the states siphon off funds
in excess of actual claims to dedicated
Raiders of the Lost Assets
“Some states seem
more interested in
using the assets than
in locating property
owners.”
Source: Office of the State Treasurer
Oklahoma Unclaimed Property Funds Used in Budget
Fiscal Years 2002 – 2013
(In million of dollars)
$0
$15.0
$30.0
$45.0
$60.0
FY-02
FY-03
FY-04
FY-05
FY-06
FY-07
FY-08
FY-09
FY-10
FY-11
FY-12
FY-13
(in millions)
Transferred to:

State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov
A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D.
Economic Report TM
Volume 2, Issue 10 • October 31, 2012
Oklahoma
News and analysis of Oklahoma’s economy
Inside
SEE RAIDERS PAGE 5
• Treasurer’s commentary: Stop
the madness
• Miller slashes own budget
• First quarter General Revenue
allocations top estimate
• Thanks to strong income tax
receipts, September collections
resume rise
• State unemployment rises for
third consecutive month, but . . .
• Economic Indicators
Contributor
Regina Birchum, Deputy Treasurer
for Policy
Editor
Tim Allen, Deputy Treasurer for
Communications
Private property has become an
important source of revenue for many
states, perhaps too important. Unclaimed
property laws, which exist in every state,
are considered among the first consumer
protection programs in the nation. They
were established to protect abandoned or
forgotten funds or property on behalf of
the consumer instead of letting the funds
revert back to the business or company.
The most common types of unclaimed
property are accounts with financial
institutions or companies that have no
activity or contact with an owner for one
or more years. The state is considered a
safe-keeper of the value of the property,
and there is no expiration date for the
funds to be claimed by the owner or
heirs. However,
states receive far
more property
or funds than
what is returned
to owners, a
fact that has not
gone unnoticed
by cash-poor
states.
A majority of states direct proceeds
from receipt of unclaimed property
to the state’s general fund, less a
predetermined amount set aside to pay
claims. The amount, which is typically
based on the state’s experience in paying
actual claims, usually
represents a fraction of
what is actually held
by the state on behalf
of owners. Some of
these states require
additional funds to be
appropriated in the
event the amount set
aside is insufficient to
pay claims.
Several of the states siphon off funds
in excess of actual claims to dedicated
Raiders of the Lost Assets
“Some states seem
more interested in
using the assets than
in locating property
owners.”
Source: Office of the State Treasurer
Oklahoma Unclaimed Property Funds Used in Budget
Fiscal Years 2002 – 2013
(In million of dollars)
$0
$15.0
$30.0
$45.0
$60.0
FY-02
FY-03
FY-04
FY-05
FY-06
FY-07
FY-08
FY-09
FY-10
FY-11
FY-12
FY-13
(in millions)
Transferred to: